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GRAINS-Wheat hits near 4-mth top on U.S. weather woes, soybean up 1.2 pct

* Wheat climbs 4th straight session, at highest since early Oct

* Soybeans rise as dryness in Argentina forecast to continue

(Adds details, quotes) SINGAPORE, Jan 29 (Reuters) - Chicago wheat rose for a fourth consecutive session on Monday to its highest since early October with prices buoyed by concerns over dry weather curbing U.S. winter crop output. Soybeans rose 1.2 percent, recouping last session's decline on forecasts of continued dryness in Argentina's oilseed belt, while corn rose for a second session to its highest since early December, supported by strong demand. There is additional support for the commodity markets stemming from a weaker dollar, which makes greenback-priced goods cheaper for importers holding other currencies. "The U.S. still has a lot of wheat to move so prices can ill afford to overshoot the margin the greenback has provided," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "That does not prevent an overshoot happening for a brief period at least. Investors are heavily short wheat futures." The most-active wheat contract on the Chicago Board Of Trade rose 1.4 percent to $4.47-1/4 a bushel by 0314 GMT, touching its highest since Oct. 4. Soybeans added 1.2 percent to $9.97-1/2 a bushel, having closed down 0.7 percent on Friday. Corn gained 0.5 percent to $3.58-1/4 a bushel. Earlier in the session corn hits its highest since Dec. 4 at $3.58-1/2. Wheat has drawn support from dry weather plaguing the U.S. Plains, although a wetter weather pattern could begin to replenish moisture in the south-central parts of the region. Soybeans are firm as dry weather also threatens production in Argentina. But big harvests in Brazil and the United States, the world's top two soybean exporters, may offset crop losses in Argentina, traders said. Global supplies are ample, with the U.S. Department of Agriculture (USDA) projecting world soybean inventories at an all-time high at the end of the 2017/18 marketing year. Private exporters struck deals to sell 125,000 tonnes of U.S. corn to unknown destinations, the USDA said on Friday.

The dollar wobbled near three-year lows against a basket of major currencies on Monday, struggling to pull away from six straight weeks of losses amid evaporating yield advantages and doubt about Washington's commitment to a strong currency. Commodity funds were net buyers of CBOT wheat, corn and soyoil futures contracts on Friday, traders said. They were net sellers of soybean and soymeal futures.

Grains prices at 0314 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 447.25 6.25 +1.42% +2.93% 427.60 76 CBOT corn 358.25 1.75 +0.49% +0.84% 351.20 73 CBOT soy 997.50 12.00 +1.22% +0.53% 971.30 74 CBOT rice 12.33 -$0.01 -0.04% +1.57% $12.01 75 WTI crude 66.37 $0.23 +0.35% +1.31% $61.74 85

Currencies

Euro/dlr $1.240 -$0.002 -0.14% +0.06% USD/AUD 0.8089 -0.002 -0.25% +0.76%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Naveen Thukral; Editing by Tom Hogue)